For its sterling and robust record in providing micro-credit to vibrant but disadvantaged economic groups, including hundreds of women and young graduates, Fortis is LEADERSHIP Microfinance Bank of the Year 2014.
The LEADERSHIP Board of Editors has voted Fortis Microfinance Bank Plc as the Microfinance Bank of the Year 2014. It was a unanimous vote powered by the bank’s track record of performance over the years especially in the small and medium enterprises sector.
Fortis is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) in 2007 and listed on the Nigerian Stock Exchange as the first private sector led Microfinance Bank in 2012. The bank provides flexible banking solutions to support the development of entrepreneurship and empowerment of the economically disadvantaged micro, small and medium scale enterprises (MSME) as well as individual.
Fortis runs a viable business model that provides access and financial empowerment to those at the base of the economic pyramid that constitute over 80 per cent of the about 160 million Nigerians and also provide huge returns on investments.
The bank currently has a growing customer base, made up of Micro, Small and Medium Enterprises (MSMEs), individuals and groups who have benefited from Fortis loans and other value added services
Its microcredit scheme is created to encourage women who engage in petty trading and other economic regenerative activities to grow their businesses and eventually become economically independent. These women are organised into small self-select groups (5 to 8) and are coached through a mentorship programme to determine their suitability for the microcredit. As part of its contribution towards poverty reduction, wealth creation and promotion of entrepreneurship, it engages in strategic partnerships with relevant public agencies including the National Poverty Eradication Programme (NAPEP), Development Finance Department of Central Bank of Nigeria (CBN), National Youth Service Corps (NYSC), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Abuja Enterprise Agency (AEA) and the National Directorate of Employment (NDE). Through these relationships, it disburses credits, build capacity, promote entrepreneurship among youths, and individuals.View All 2014 Award Winners